Cryptocurrency: Is it safe future of money


                 Cryptocurrency: Is it the safe future for money?

 Some people consider crypto-currency as the future of financial transactions. However, I think it is nothing more than gambling because  The crypto coins are extremely volatile and investors carry the risk of losing money. Another drawback is cryptocurrency cannot be used as widely as fiat currency to pay for goods and services. Because of decentralized nature of crypto, there is a greater risk of fraud, there is also the reality that investors who have been defrauded will not have the same legal recourse as traditional victims.

 On the morning of 24 November 2021, the government of India proposed a bill which will regulate  the crypto currency. The bill seeks to prohibit all private crypto-currencies in India, while allowing certain exceptions.  The bill was not even passed just proposed and the value of all the crypto dropped by significant figures. Bitcoin’s  value dropped by 17% and other platforms followed. Is it safe to invest on such unstable platforms?    I think No! We can’t just put our money at stake on such  “unstable platforms” 

Even during the IPL matches this year, most of the advertisements were about crypto-currencies without showing the actual risks. Crypto-currencies are not even being supported by national governments and many countries such as China, have banned the use of crypto-currencies all  together for  Crypto is being used for illegal trade and drug trafficking etc., which cannot be adequately monitored. 

Hence, I would like to conclude by stating that cryptocurrency cannot be the safe future of money. So we all have to be cautious because opportunity does the knocking for temptation too.

Thank you


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